1 / 12

Retail is in the Detail

In this powerpoint Presentation Michael Cotler - Retail Sales Consultant starts a series of informative information about how to maximise retail sales growth.

michaelcotler
Télécharger la présentation

Retail is in the Detail

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. How to Maximize Retail Revenue Prepared by Michael P Cotler Business Growth Consultant

  2. Maximizing Retail Revenue • To maximize revenue from any retail outlet requires a certain kind of “Eye” for detail. • Firstly one needs to look at the heart of the business • Why does the business exist? • What service/product are we providing or selling

  3. Maximizing Retail Revenue • Selling a product is not difficult • Finding someone who wants to BUY the product at the right price generally can be the issue!! • Customers look for products that generally fulfill their NEEDS & satisfy their WANTS

  4. Who runs your business? • Any body who answered the question above as “ME” should carry on reading this slide • Anybody who replied- “My Customers” is probably not reading this anyway. • EVERY successful business that I have EVER been associated with have 1 common trait (amongst others) • They are CUSTOMER CENTRIC (i.e. the business revolves around the need & expectations of their customers)

  5. Example of customer expectations • Example 1 • Product for sale- Glass Vase • Sale price $15 • Packaged in Brown cardboard box • Picture of the vase on the vase with specifications • Placed on shelf with multiple other vases

  6. Customer Expectations cont.. • Customer perception of the glass vase: • Cheaply priced • Readily available • Low Quality • Limited life expectancy but that doesn’t matter as it’s a functional vase • No real customer attachment to the product • Minimal staff around for assistance

  7. Meeting Customers Expectations • Example 2 (Vase) • Glass Lalique “Pallazo” Vase • Cost $1995 • Limited number produced • Displayed in Glass cabinet with information leaflet of origination • Security Features include locks to prevent theft • Well groomed & knowledgeable assistant on hand whenever required.

  8. Outcome • Result • The chances are that the 2 vases are similar in many ways- • Perception to the customer is vastly different by the way the product is presented and the revenue that each vase can produce • The way that the vase is priced creates value in the customers mind as well as good margin.

  9. Outcome • Customer 1- NEEDS a Cheap Vase for flower display around kids • Customer 2 WANTS High Quality Branded vase to add to existing collection – price no object • Customer 1 would not buy the high quality vase from the shop who sells Lalique. • Customer 2 would not buy the cheap vase from the local cheap store.

  10. Outcome • Know your customer • Know what your customer want to buy from you • Know what your customer expects from your store • What does your store say about the products that you sell? • Do you sell high quality vases in a “pile them high sell them cheap” environment?

  11. Summary • These slides were designed to make you think about the way that you look at your store and what you sell. • Too many retailers give mixed messages to their customers • Customers have “wants” & “needs” • Your store has to satisfy all of these in order to facilitate a transaction

  12. About the Author • Michael Cotler is a Retail Sales Growth consultant with over 23 years in Retail Operations and Store Ownership. • For further details on Michael’s extensive business acumen for high level retail growth visit • www. michaelcotler.com

More Related